Intergenerational Risk Sharing, Pensions, and Endogenous Labour Supply in General Equilibrium

Roel Beetsma, Ward E. Romp and Siert J. Vos

Scandinavian Journal of Economics, 2013, vol. 115, issue 1, 141-154

Abstract: We show that a two‐tier pension system, with a pay‐as‐you‐go first tier and a fully funded, defined wage‐indexed second tier, can provide for optimal intergenerational risk‐sharing without distorting the labour supply, thereby achieving the first best. Other arrangements with a fully‐funded second tier fail to achieve the first best.

Date: 2013
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https://doi.org/10.1111/j.1467-9442.2012.01732.x

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Working Paper: Intergenerational Risk Sharing, Pensions and Endogenous Labor Supply in General Equilibrium (2008)
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